Importance of Management Accounting and Management Accounting System

Management accounting

INTRODUCTION
1. As per the stated case study, it is clear that UCK furniture is planning to commence a
training course for their new interns in September 2016.
2. Therefore, the presentation will emphasize upon the importance of management
accounting and management accounting system in the successful business planning.

Management accounting
1. Management accounting is a process whereby managers of UCK Furniture will make
assessment of their business reports i.e. cost reports, financial records and others. The main
purpose behind such is to improve firm’s performance through making viable and
qualitative decisions.
2. It is important for every corporations regardless their corporate sizes to create appropriate
business strategies and growth plans for deriving long-run success through the evaluation of
business performance.
3. It is significantly important to provide right financial advices to the UCK furniture for their
future development.

Contd.
1. Management Accounting System (MAS) is different from the management
accounting, it is a computer software that is used to collect the financial set of data
from regular business operations i.e. sales data, inventory reports, fluctuations in
material cost and so on and then convert the same into analytical reports.
2. With the help of this, paperwork can be eliminated and automate transactions helps to
summarize the financial transactions quickly and converts into meaningful sense for
making better decisions.